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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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Proconnect Depreciation Calculation
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FloresCPATax
Level 1
06-19-2024
02:22 PM
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Does anybody know how Proconnect calculates Depreciation Basis?
I have a Home Office calculation: Cost: $275,000
Business Use: 20%
Salvage/Basis Reduction (assume land): 41,250 (15%)
Prior Dep: $794, s/l, 39 year life Rate .02658
And then Depreciation Basis: $13,750 and Curr Depr $344.
Where does the $13,750 come from?
Why isn't the Dep Basis: $46,750? ($275,000 - 15% x 20%) and Current Yr Dep: $1,199?
2 Comments 2
TaxGuyBill
Level 15
06-19-2024
10:43 PM
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I think you are entering it incorrectly.
It is taking $275,000 x 20%. Then subtracting $41,250.
But I don't use ProConnect so I'm unsure what the correct way to enter it would be.
George4Tacks
Level 15
06-20-2024
09:08 AM
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My guess is input is wrong. The process is confusing in this software and easy to screw up.
Answers are easy. Questions are hard!
